Charity Registration No. 1143953
THE STERRY FAMILY FOUNDATION
ANNUAL REPORT AND UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 5 APRIL 2023
THE STERRY FAMILY FOUNDATION
CONTENTS
| Page | |
|---|---|
| Legal and administrative information | 1 |
| Trustees' report | 2 - 4 |
| Independent examiner's report | 5 |
| Statement of financial activities | 6 |
| Statement of financial position | 7 |
| Notes to the financial statements | 8 - 14 |
| Schedule of investments and income | 15 - 20 |
THE STERRY FAMILY FOUNDATION
LEGAL AND ADMINISTRATIVE INFORMATION
Trustees Mr David William Edmund Sterry Mrs Wendy Ann Sterry Mr James William Sterry Mrs Nicola Kate Clatworthy Charity number 1143953 Principal address 8 Finsbury Circus London EC2M 7AZ Independent examiner Mr James Hurrell Rathbones Trust Company Limited 8 Finsbury Circus London EC2M 7AZ Accountants Rathbones Trust Company Limited 8 Finsbury Circus London EC2M 7AZ Investment manager Rathbones Investment Management Limited 8 Finsbury Circus London EC2M 7AZ
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THE STERRY FAMILY FOUNDATION
TRUSTEES' REPORT
FOR THE YEAR ENDED 5 APRIL 2023
The trustees present their report and financial statements for the year ended 5 April 2023.
The financial statements have been prepared in accordance with the accounting policies set out in note 1 to the financial statements and comply with the charity's Trust Deed, the Charities Act 2011 and "Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) (effective 1 January 2019)".
Donations have been made to charities in the United Kingdom and Africa specialising in education, healthcare (sick and disabled children), sports, arts and culture and to individuals in athletics.
The trustees received no remuneration or expenses whilst acting in their capacity as trustees or otherwise. The trustees consider the current level of capital and income appropriate to fulfil the aims of the charity.
Objectives and activities
The trustees are directed to hold the trust fund and the income thereof upon trust to pay or apply the whole thereof to, or towards the benefit, or in the furtherance of such charitable purposes, charitable institutions or charitable foundations in the United Kingdom or elsewhere and in such manner and in such proportions as the trustees may, from time to time, in their absolute and uncontrolled discretion determine and so that the Trust Fund shall be applicable both as to capital and income for the general charitable purpose aforesaid.
The provisions of such grants and donations for individuals or such charitable associations, bodies and organisations as the trustees in their absolute discretion think fit, in particular but not exclusively for the advancement of education, arts and culture, amateur sports, promotion of good health and relief for sickness in the United Kingdom and in South Africa, Botswana, Zimbabwe, Mozambique, Zambia, Tanzania, Burundi, Malawi, Uganda and Kenya.
The trustees confirm that they have referred to the guidance contained in the Charity Commission's general guidance on public benefit when reviewing the charity's aims and objectives and in planning future activities.
Grant making policy
The charity invites applications for charitable donations from other registered charities. Institutional applicants submit a summary of their proposals to the trustees in a specific format, together with outline appeals. Applications made in the correct format are reviewed against the trust deed and its objectives.
Investment policy, performance and achievements
The charity's investment powers are contained in the trust deed dated 16 September 2011. Money to be invested may be applied or invested in the purchase of, or at interest upon, the security of such shares, stocks, funds, securities, land, buildings, chattels or other investments or property of any nature and in any part of the world whether involving liabilities or producing income or not as the trustees shall, in their absolute discretion, think fit.
During the financial year grants and donations totalling £110,200 (2022 - £93,600) were made, as detailed in note 16 of the financial statements.
Risk management
The charity trustees have considered the major risks to which the charity is exposed and have reviewed those risks and established systems and procedures to manage those risks. The trustees consider variability of investment returns to constitute the charity's major risk. This is mitigated by retaining expert investment managers and having a diversified investment portfolio.
Financial review
Total incoming resources were £76,359 (£72,371 in 2022), with £121,773 (£98,572 in 2022) being committed to charitable activities and a further charge of £16,737 (£19,084 in 2022) related to costs of raising funds. Included within charitable activities are £11,573 (£4,972 in 2022) related to governance costs, The total movement of resources in the year also include the realised gain in the year £139,541 ((loss) £96,765 in 2022) and an unrealised (loss) based upon the market value of the investments at the year end of £188,984 (loss £35,118 in 2022), resulting in net outflow of resources of £390,676 (inflow of resources £16,362 in 2022).
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THE STERRY FAMILY FOUNDATION
TRUSTEES' REPORT (CONTINUED) FOR THE YEAR ENDED 5 APRIL 2023
Reserves policy
The charity's policy is to distribute all its unrestricted funds, as and when suitable funding opportunities are identified. Funds are generated through investment income from the charity's investment portfolio.
At 5 April 2023, the charity's funds amounted to £3,549,210 (2022 - £3,939,886). These were all unrestricted funds.
Plans for the future
The Sterry Family Foundation looks to further its charitable objectives as set out above under "Objectives and Activities" as opportunities and needs arise.
During the year, the Trustees resolved to widen the scope of the Objectives to include the Conservation of the Environment and also to limit the number of countries supported to the UK, South Africa, Tanzania, Malawi, Uganda, Zambia and Kenya. A supplementary deed dated 12 April 2023 is contained on the Charities Commission website for the Foundation.
Structure, governance and management
The trust was founded by the settlors, Mr David William Edmund Sterry and Mrs Wendy Ann Sterry, by the execution of a trust deed dated 16 September 2011 and has been granted charitable status by the Charity Commission.
The Trustees who served during the year were:
Mr David William Edmund Sterry Mrs Wendy Ann Sterry Mr James William Sterry Mrs Nicola Kate Clatworthy
All trustees were appointed by the trust deed and have assumed office. The settlors have the power to appoint new or additional trustees. In addition the settlors have the power to nominate in his or her Will the person in whom the power to appoint new trustees will vest after their death.
The trustees meet on a regular basis to consider requests for funding which have been received since the previous meeting.
Key management personnel remuneration
The trustees consider the board of trustees as comprising the key management personnel of the charity in charge of directing and controlling the charity and running and operating the charity on a day to day basis. All trustees give their time freely and no trustee remuneration was paid during the year. Details of related party transactions are disclosed in note 13 of the financial statements.
Induction and training of trustees
Incoming trustees are to be made aware of their responsibilities and the trust's objectives from the existing trustees and their other professional advisors at the date of their appointment. The trustees are also to be kept up to date on relevant matters by their professional advisors.
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THE STERRY FAMILY FOUNDATION
TRUSTEES' REPORT (CONTINUED) FOR THE YEAR ENDED 5 APRIL 2023
Statement of trustees' responsibilities
The trustees are responsible for preparing the Trustees' Report and the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice).
The law applicable to charities in England and Wales requires the trustees to prepare financial statements for each financial year which give a true and fair view of the state of affairs of the charity and of the incoming resources and application of resources of the charity for that year.
In preparing these financial statements, the trustees are required to:
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select suitable accounting policies and then apply them consistently;
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observe the methods and principles in the Charities SORP;
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make judgements and estimates that are reasonable and prudent;
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state whether applicable accounting standards have been followed, subject to any material departures disclosed and explained in the financial statements; and
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prepare the financial statements on the going concern basis unless it is inappropriate to presume that the charity will continue in operation.
The trustees are responsible for keeping sufficient accounting records that disclose with reasonable accuracy at any time the financial position of the charity and enable them to ensure that the financial statements comply with the Charities Act 2011, the Charity (Accounts and Reports) Regulations 2008 and the provisions of the trust deed. They are also responsible for safeguarding the assets of the charity and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.
The Trustees' report was approved on behalf of the trustees.
Mr David William Edmund Sterry
Trustee Dated: 2 February 2024
Mrs Wendy Ann Sterry
Trustee Dated:2 February 2024
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THE STERRY FAMILY FOUNDATION
INDEPENDENT EXAMINER'S REPORT
TO THE TRUSTEES OF THE STERRY FAMILY FOUNDATION
I report to the trustees on my examination of the financial statements of The Sterry Family Foundation (the charity) for the year ended 5 April 2023, which are set out on pages 6 to 14.
This report is made solely to the charity’s trustees, as a body, in accordance with section 145 of the Charities Act 2011. My work has been undertaken so that I might state to the charity’s trustees those matters I am required to state to them in this report and for no other purpose. To the fullest extent permitted by law, I do not accept or assume responsibility to anyone other than the charity and the charity’s trustees as a body, for my work, for this report, or for the opinions I have formed.
Responsibilities and basis of report
As the trustees of the charity you are responsible for the preparation of the financial statements in accordance with the requirements of the Charities Act 2011 (the 2011 Act).
I report in respect of my examination of the charity’s financial statements carried out under section 145 of the 2011 Act. In carrying out my examination I have followed all the applicable Directions given by the Charity Commission under section 145(5)(b) of the 2011 Act.
An independent examination does not involve gathering all the evidence that would be required in an audit and consequently does not cover all the matters that an auditor considers in giving their opinion on the accounts. The planning and conduct of an audit goes beyond the limited assurance that an independent examination can provide. Consequently, I express no opinion as to whether the accounts present a 'true and fair view' and my report is limited to those specific matters set out in the independent examiner's statement.
Independent examiner's statement
I have completed my examination. I confirm that no matters have come to my attention in connection with the examination giving me cause to believe that in any material respect:
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1 accounting records were not kept in respect of the charity as required by section 130 of the 2011 Act; or
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2 the financial statements do not accord with those records; or
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3 the financial statements do not comply with the applicable requirements concerning the form and content of accounts set out in the Charities (Accounts and Reports) Regulations 2008 other than any requirement that the accounts give a true and fair view which is not a matter considered as part of an independent examination.
I have no concerns and have come across no other matters in connection with the examination to which attention should be drawn in this report in order to enable a proper understanding of the financial statements to be reached.
........................................... Mr James Hurrell Rathbones Trust Company Limited 8 Finsbury Circus London EC2M 7AZ
Dated: 4 February 2024
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THE STERRY FAMILY FOUNDATION
STATEMENT OF FINANCIAL ACTIVITIES INCLUDING INCOME AND EXPENDITURE ACCOUNT
FOR THE YEAR ENDED 5 APRIL 2023
| Notes Income Investments 3 Expenditure Raising funds 4 Charitable activities 5 Total resources expended Net (losses)/gains on investments 10 Net movement in funds Fund balances at 6 April 2022 Fund balances at 5 April 2023 |
2023 £ 76,359 16,737 121,773 138,510 (328,525) (390,676) 3,939,886 3,549,210 |
2022 £ 72,371 |
|---|---|---|
| 19,084 98,572 |
||
| 117,656 | ||
| 61,647 | ||
| 16,362 3,923,524 |
||
| 3,939,886 |
The statement of financial activities includes all gains and losses recognised in the year.
The statement of financial activities includes all gains and losses recognised in the year. All income and expenditure derive from continuing activities.
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THE STERRY FAMILY FOUNDATION
STATEMENT OF FINANCIAL POSITION
AS AT 5 APRIL 2023
| Notes Fixed assets Investments 11 Current assets Debtors 12 Cash at bank and in hand Creditors: amounts falling due within one year 13 Net current assets Total assets less current liabilities Income funds Unrestricted funds |
2023 £ £ 3,497,535 - 59,952 59,952 (8,277) 51,675 3,549,210 3,549,210 3,549,210 |
2022 £ £ 3,866,016 10 82,528 82,538 (8,668) 73,870 3,939,886 3,939,886 3,939,886 |
2022 £ £ 3,866,016 10 82,528 82,538 (8,668) 73,870 3,939,886 3,939,886 3,939,886 |
|---|---|---|---|
| 3,939,886 | |||
| 3,939,886 | |||
| 3,939,886 |
The financial statements were approved on behalf of the Trustees on 2 February 2024
Mr David William Edmund Sterry Trustee
Mrs Wendy Ann Sterry Trustee
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THE STERRY FAMILY FOUNDATION
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 5 APRIL 2023
1 Accounting policies
Charity information
The Sterry Family Foundation is an unincorporated trust, constituted under a trust deed dated 16 September 2011 and is a registered charity in England and Wales, number 1143953. The principal office of the charity is 8 Finsbury Circus, London, EC2M 7AZ.
1.1 Accounting convention
The financial statements have been prepared under the historical cost convention with items recognised at cost or transaction value unless otherwise stated in the relevant notes to these financial statements. The financial statements have been prepared in accordance with the Statement of Recommended Practice: Accounting and Reporting by Charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) issued on 16 July 2014 and the Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland (FRS 102) and the Charities Act 2011 and UK Generally Accepted Practice as it applies from 1 January 2019.
The trust constitutes a public benefit entity as defined by FRS 102 and has therefore applied the relevant public benefit requirements of FRS 102.
1.2 Going concern
At the time of approving the financial statements, the trustees have a reasonable expectation that the charity has adequate resources to continue in operational existence for the foreseeable future. Thus the trustees continue to adopt the going concern basis of accounting in preparing the financial statements.
1.3 Incoming resources
All incoming resources are included in the statement of financial activities when the conditions for receipt have been met, where there is entitlement, probable assurance of receipt and the monetary value of incoming resources can be measured with sufficient reliability.
Income from investments is recognised in the accounting period in which it relates.
1.4 Resources expended
Liabilities are recognised as expenditure as soon as there is a legal or constructive obligation committing the charity to that expenditure, it is probable that settlement will be required and the amount of the obligation can be measured reliably. All expenditure is accounted for on an accruals basis.
Charitable activities include the cost of grants and donations payable and support costs relating specifically to the administration of the payment of grants and donations. Grants and donations are recognised once the trustees approve the grant and the recipient has been notified of the grant award. The notification gives the recipient a reasonable expectation that they will receive the grant.
Raising funds include investment management costs and certain legal fees.
Governance costs comprise all costs involving the public accountability of the charity and its compliance with regulations and good practice.
1.5 Fixed asset investments
Fixed assets investments represent listed investments which are stated at market valuation, where market value represents the mid market value on the last trading day before the year end. Any unrealised or realised gains arising from investments are accounted for in the Statement of Financial Activities.
1.6 Taxation
The trust is exempt from income and capital gains tax to the extent that income and gains are applied for charitable purposes.
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THE STERRY FAMILY FOUNDATION
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 5 APRIL 2023
1 Accounting policies
(Continued)
1.7 Unrestricted funds
Unrestricted income funds are general funds that are available for use at the direction of the trustees.
2 Critical accounting estimates and judgements
In the application of the charity’s accounting policies, the trustees are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.
The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.
3 Income
| UK dividends UK Interest from fixed and unit trusts Overseas dividends and interest Bank interest |
2023 £ 29,860 17,926 20,308 8,265 76,359 |
2022 £ 52,720 - 19,532 119 |
|---|---|---|
| 72,371 |
4 Raising funds
| Investment management fees 5 Charitable activities Grants (see note 16) Share of governance costs (see note 6) |
2023 £ 16,737 2023 £ 110,200 11,573 121,773 |
2022 £ 19,084 |
|---|---|---|
| 2022 £ 93,600 4,972 |
||
| 98,572 |
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THE STERRY FAMILY FOUNDATION
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 5 APRIL 2023
6 Governance costs
| Governance costs | ||
|---|---|---|
| Support costs Governance costs £ £ Bank charges - 28 Accountancy - 2,690 Legal fees - 7,380 Independent examiner's fees - 1,475 - 11,573 |
2023 £ 28 2,690 7,380 1,475 11,573 |
2022 £ 17 3,480 - 1,475 |
| 4,972 |
7 Trustees
None of the trustees (or any persons connected with them) received any remuneration or benefits from the charity during the year.
8 Employees
There were no employees during the year, or the previous year.
9 Taxation
The charity is exempt from taxation on its activities because all its income is applied for charitable purposes.
10 Net gains/(losses) on investments
| 2023 £ (Loss) on revaluation of investments (188,984) (Loss) / gain or loss on sale of investments (139,541) (328,525) |
2022 £ (35,118) 96,765 |
|---|---|
| 61,647 |
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THE STERRY FAMILY FOUNDATION
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 5 APRIL 2023
11 Fixed asset investments
| Listed investments £ Cost or valuation At 6 April 2022 3,471,997 Additions 656,568 Valuation changes (188,984) Realised profit (139,541) Disposals (767,419) At 5 April 2023 3,032,621 Carrying amount At 05 April 2023 3,032,621 At 05 April 2022 3,471,997 |
Cash in portfolio £ 394,019 - 70,895 - - 464,914 464,914 394,019 |
Total £ 3,866,016 656,568 (118,089) (139,541) (767,419) |
|---|---|---|
| 3,497,535 | ||
| 3,497,535 | ||
| 3,866,016 |
Investments representing more than 5% of the portfolios total market value (excluding cash):
| Investment | Units | Market Value % | of Total Market |
|---|---|---|---|
| £ |
Value | ||
| Baille Gifford Strategic Bond B Inc | 215,000 | 179,880 | 5.93% |
| Baille Gifford Positive B Acc | 42,300 | 157,810 | 5.20% |
| Blackrock Corp Bond | 160,000 | 163,600 | 5.39% |
| CG Portfolio A | 800 | 160,128 | 5.28% |
| Evenloade Inv Mgt | 79,986 | 204,013 | 6.73% |
| HICL Infrastructure Ltd 10p Ord Shares | 104,000 | 161,284 | 5.32% |
| Jlen Environmental Assets Group Ltd | 160,000 | 193,280 | 6.37% |
| JPMorgan American Inv Trust | 24,320 | 169,997 | 5.60% |
| Link Trojan X | 134,000 | 169,363 | 5.58% |
| Link Ruffer | 49,763 | 187,974 | 6.20% |
| Personal Assets Trust | 40,000 | 189,800 | 6.26% |
| Polar Capital Technology Trust | 8,000 | 156,320 | 5.15% |
| Scottish Mortgages Inv Trust PLC | 29,500 | 189,567 | 6.25% |
| Listed investments Cash in investment portfolio |
2023 £ 3,032,621 464,914 3,497,535 |
2022 £ 3,471,997 394,019 |
|---|---|---|
| 3,866,016 |
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THE STERRY FAMILY FOUNDATION
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 5 APRIL 2023
12 Debtors
| Amounts falling due within one year: Investment income due 13 Creditors: amounts falling due within one year Accruals and deferred income |
2023 £ - 2023 £ 8,277 |
2022 £ 10 |
|---|---|---|
| 2022 £ 8,668 |
14 Unrestricted funds
The unrestricted funds of the charity comprise the unexpended balances of donations and grants which are not subject to specific conditions by donors and grantors as to how they may be used. These include designated funds which have been set aside out of unrestricted funds by the trustees for specific purposes.
| General funds Previous year: General funds |
At 6 April 2022 Incoming resources Resources expended Gains and losses £ £ £ £ 3,939,886 76,359 (138,510) (328,525) At 6 April 2021 Incoming resources Resources expended Gains and losses £ £ £ £ 3,923,524 72,371 (117,656) 61,647 |
At 5 April 2023 £ 3,549,210 |
|---|---|---|
| At 5 April 2022 £ 3,939,886 |
15 Related party transactions
The trustees all give freely their time and expertise without any form of remuneration or other benefit in cash or kind (2022 - £nil).
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THE STERRY FAMILY FOUNDATION
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 5 APRIL 2023
16 Grants payable
| Grants payable | ||
|---|---|---|
| Grants to institutions: Able Kids APE Project Birmingham Ballet Boccia England Cecily's Fund Challengers Children on The Edge City University Cricket without Boundaries Drama Expressions for Children Eikon Charity Excellent Development Felix Project Footsteps International Forever Angels Get Set 4 Tennis Handicapped Children's Action Group Happy Days Help To Read Honey Pot Children's Charity Island Trust Keen London Carried forward |
2023 £ - 3,000 3,000 3,000 - 4,000 4,000 - 2,000 2,000 2,000 - 4,000 3,000 - 3,000 3,000 5,000 - 3,000 3,000 3,000 50,000 |
2022 £ 2,000 2,000 3,000 - 4,000 4,000 4,000 4,000 - - 2,000 2,000 2,000 - 2,000 2,000 3,000 4,000 2,000 2,000 - 3,000 |
| 47,000 |
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THE STERRY FAMILY FOUNDATION
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 5 APRIL 2023
16 Grants payable
| Grants payable Brought forward Kids Club Kampala Kids Out KM Charity Lunchbowl Network Malaika Kids Mwezi Foundation New Life Northern Ballet Orion Harriers Rainbow Trust Re-cycle Bikes Africa Sight for Surrey Square Pegs Arts Starlight Children's Foundation Support for All Snow Camp Thomas Theyer Foundation Treloar Trust Tools for Self Reliance Zambia Orphans Aid UK Grants to individuals: Ethan O'Shea K Grant C E Alexander |
(Continued) 2023 2022 £ £ 50,000 47,000 3,000 2,000 2,000 2,000 2,000 - 3,000 - 4,000 5,000 - 2,000 - 2,000 12,000 6,000 1,800 3,000 5,000 4,000 3,000 - 3,000 2,000 4,000 4,000 3,000 3,000 - - 4,000 4,000 3,000 - 3,000 - - 2,000 2,000 2,000 107,800 90,000 2023 2022 £ £ 1,200 1,200 - 1,200 1,200 1,200 2,400 3,600 110,200 93,600 |
(Continued) 2023 2022 £ £ 50,000 47,000 3,000 2,000 2,000 2,000 2,000 - 3,000 - 4,000 5,000 - 2,000 - 2,000 12,000 6,000 1,800 3,000 5,000 4,000 3,000 - 3,000 2,000 4,000 4,000 3,000 3,000 - - 4,000 4,000 3,000 - 3,000 - - 2,000 2,000 2,000 107,800 90,000 2023 2022 £ £ 1,200 1,200 - 1,200 1,200 1,200 2,400 3,600 110,200 93,600 |
|---|---|---|
| 90,000 2022 £ 1,200 1,200 1,200 |
||
| 3,600 | ||
| 93,600 |
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